Meanwhile, the S&P BSE Sensex was up 155.86 points or 0.48% at 32,588.55.

Shares of Godrej Agrovet listed at Rs 621 on BSE, a premium of 35% over the issue price. The stock had hit a high of Rs 629.85 and a low of Rs 587.80 so far during the day. On the BSE, 17.67 lakh shares were traded on the counter so far.

Godrej Agrovet's initial public offer (IPO) received bids for 171.99 crore shares as compared to 1.8 crore shares on offer, data on the National Stock Exchange of India (NSE) showed. The IPO was subscribed 95.41 times. The price band for the IPO was Rs 450-460 per share. The IPO opened on 4 October and closed on 6 October 2017.

Category wise, the qualified institutional buyers (QIBs) category was subscribed 150.96 times. The non institutional investors (NIIs) category was subscribed 236.04 times. The retail individual investors (RIIs) category was subscribed 7.67 times.

The IPO comprised of fresh issue of Rs 291.51 crore. The offer also comprised of offer for sale of 1.23 crore shares by V-Sciences Investments Pte Ltd (an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited). The offer also comprised of offer for sale of Rs 300 crore by the promoter, Godrej Industries.

Ahead of the IPO, the IPO committee of the board of directors of Godrej Agrovet at a meeting held on 3 October 2017, finalized allocation of 74.17 lakh shares to 25 anchor investors at a upper end of the IPO price band at Rs 460 per share aggregating Rs 341.19 crore.

The objects of the issue were to spend around Rs 100 crore on repayment of working capital facilities availed by the company, Rs 150 crore for repayment of commercial papers and rest for general corporate purposes, apart from the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders.

On consolidated basis, Godrej Agrovet reported net profit of Rs 63.54 crore on revenue from operations of Rs 1342.7 crore in Q1 June 2017.

Incorporated in 1991 and a part of Godrej group and promoted by Adi Godrej and Nadir Godrej and Godrej Industries, Godrej Agrovet is a diversified research and development focused agri business company with operations across five business verticals: animal feed, crop protection, oil palm, dairy and poultry and processed foods.